GPE reaffirms outlook on strong first half

(Sharecast News) - Great Portland Estates reiterated its full-year guidance on Tuesday, boosted by strong leasing activity during the first half. The central London landlord, which specialises in prime office and retail space, said it had secured £37.6m in 43 new leases and renewals during the six-month period, on par with the entire leasing volume achieved in the previous year.

Market lettings were also on average 7.1% ahead of March 2025 estimated rental value.

As a result, GPE confirmed its full-year rental growth guidance, for portfolio-wide growth of between 4% and 7%.

Toby Courtauld, chief executive, said: "While the broader macro backdrop continues to present challenges, and cost pressures remain, GPE is strongly placed.

"With high occupational demand for quality space in core central London, and a market short of supply, we are delivering for customers with around 40% of our portfolio being transformed into premium, sustainable spaces with strong rental growth prospects."

He also flagged "improving" investment market liquidity, which was creating more opportunities for asset sales.

GPE also confirmed on Tuesday that an investigation into whistleblower allegations had found no unlawful conduct.

The probe was carried out by an independent law firm, with support from forensic accountants and overseen by GPE's non-executive directors. It was responding to claims data had been manipulated to boost management bonuses.

However, GPE said: "The investigation concluded that historical bonuses were correctly calculated. Allegations of unlawful conduct by GPE were not substantiated."

The FTSE 250 firm is due to post interim numbers on 18 November.